Smes

Powerful Essays
Small Business Report

Table of contents

Introduction........................................................................................................3

The small business in the UK economy.............................................................................................................3

Statistics..............................................................................................................4

How they impacted the economy...........................................................................................................4-5

Sectors..............................................................................................................5-6

Recession..........................................................................................................6-7

Post Recession..................................................................................................7-8

What is the government trying to do to help small businesses?.........................................................................8

Conclusion..........................................................................................................8

References..........................................................................................................9

"To found a great empire for the sole purpose of raising up a people of customers may at first sight appear a project fit only for a nation of shopkeepers. It is, however, a project altogether unfit for a nation of shopkeepers; but extremely fit for a nation whose government is influenced by shopkeepers."
—Adam Smith, The Wealth of Nations
In the UK, there are around 4.7 million businesses; 99 percent of these businesses employ fewer than 50 people. 13.7 million people are employed by small businesses that generate more than 50 percent of the UKs annual GDP. These small businesses are in charge of 84 percent of newly created jobs. It is the backbone of the



References: Bolton, J. E., (1971) Report of the Committee of Inquiry on Small Firms, London: HMSO, London Burns, P., (2007) Entrepreneurship and Small Business (2nd edition), London, Palgrave Macmillan Curran J (1999) The Role of the Small Firm in the UK Economy: Hot Stereotypes and Cool Assessments, SBRT Research Report, May, Milton Keynes. Fan, Q. (2003) Creating a conducive legal & regulatory framework for small and medium enterprise development in Russia a policy dialogue workshop, September 14-16, 2003 Kilkenny, M. (1999) Reciprocated community support and small town - small business success, Entrepreneurship & Regional Development: An International Journal, 11:3, 231-246 Newberry, D., (2006) The Role of Small- and Medium-Sized Enterprises in the Futures of Emerging Economies. [Online] Storey D (1994) Understanding the Small Business Sector, Routledge, London. Wynarczyk, P. (2011) SMEs: Evolution and Revolution Periods, Newcastle: Newcastle University Business School Websites http://en.wikipedia.org/wiki/Pareto_principle

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